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House prices rise in UK

30/10/2009

UK house prices were higher year-on-year in October, according to Nationwide's monthly house price index (HPI). Property prices were two per cent higher in October 2009 compared to the same month last year, the company revealed. The HPI showed prices rose at a slower pace over the month, at 0.4 per cent, compared to September's 0.9 per cent, while annual house price inflation has turned positive for the first time in 19 months. According to the building society, the average house now costs £162,038. Martin Gahbauer, Nationwide's chief economist, said: "House prices rose for a sixth consecutive month in October, but the strong upward momentum in property values seen over the summer is showing some signs of moderating as we head into the autumn months." Meanwhile the Bank of England revealed that there were 56,215 home loan approvals in September, an 18-month high. Remortgage approvals decreased, however, dropping from 28,348 in August to 25,528. Posted by Carla Spuri. Get a free equity release guide and find out how you can get some additional income.

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